While Canada faces a housing crisis with prices rising, the newly appointed Housing Minister Gregor Robertson has made it clear - the focus will be on increasing housing supply rather than reducing home prices.
"No, I think that we need to deliver more supply, make sure the market is stable," Robertson stated when asked if home prices need to decrease. The government's priority is to double construction efforts, particularly in the affordable housing sector.
Robertson, who served as Vancouver's mayor from 2008 to 2018, acknowledged the nature of this goal, noting it would take "several years" to achieve.
During his tenure as mayor, Vancouver saw a significant surge in property prices, with the benchmark home price more than doubling.
However, Robertson pointed out that this trend was not unique to Vancouver, as national home prices rose by 78% during the same period, according to the Canadian Real Estate Association.
The appointment of Robertson has drawn criticism from Conservative Leader Pierre Poilievre, who blamed him for high home prices in Vancouver. "If this is the new blood that Mr. Carney is bringing into that cabinet, then sadly for Canadians, nothing is going to change," Poilievre remarked.
In response to concerns about the government's stance on property prices, Prime Minister Carney defended Robertson's appointment, stating, "From everything I've said and what our priorities are, we have a strong view on housing, a very clear policy developed with several members of the team, including with Mr. Robertson."
Robertson took to social media to defend his housing record, highlighting achievements such as delivering record levels of affordable housing, leading the country in supportive housing and co-ops, and building a strong urban economy.
He acknowledged the challenges ahead, stating, "The work ahead is urgent and immense. We have a bold, ambitious plan to tackle this challenge, building affordable homes, strengthening infrastructure, and building an economy that truly works for everyone."
The federal government's approach aligns with recent initiatives aimed at addressing the housing shortage. In April 2024, Canada announced plans to lease underutilized public land to developers to build nearly 3.9 million homes by 2031.
Additionally, the Canada Mortgage and Housing Corporation (CMHC) has projected a need for 3.5 million new homes to meet affordability targets.
Despite these efforts, challenges remain. High interest rates have led to a decline in new construction, and affordability issues persist, particularly in major cities like Toronto and Vancouver. Economists suggest that it may take a decade to restore housing affordability, with significant decreases in both home prices and mortgage interest rates needed.
As the government moves forward with its housing strategy, the emphasis remains on increasing supply to stabilize the market, rather than implementing measures to directly reduce home prices.
"No, I think that we need to deliver more supply, make sure the market is stable," Robertson stated when asked if home prices need to decrease. The government's priority is to double construction efforts, particularly in the affordable housing sector.
Robertson, who served as Vancouver's mayor from 2008 to 2018, acknowledged the nature of this goal, noting it would take "several years" to achieve.
During his tenure as mayor, Vancouver saw a significant surge in property prices, with the benchmark home price more than doubling.
However, Robertson pointed out that this trend was not unique to Vancouver, as national home prices rose by 78% during the same period, according to the Canadian Real Estate Association.
The appointment of Robertson has drawn criticism from Conservative Leader Pierre Poilievre, who blamed him for high home prices in Vancouver. "If this is the new blood that Mr. Carney is bringing into that cabinet, then sadly for Canadians, nothing is going to change," Poilievre remarked.
In response to concerns about the government's stance on property prices, Prime Minister Carney defended Robertson's appointment, stating, "From everything I've said and what our priorities are, we have a strong view on housing, a very clear policy developed with several members of the team, including with Mr. Robertson."
Robertson took to social media to defend his housing record, highlighting achievements such as delivering record levels of affordable housing, leading the country in supportive housing and co-ops, and building a strong urban economy.
He acknowledged the challenges ahead, stating, "The work ahead is urgent and immense. We have a bold, ambitious plan to tackle this challenge, building affordable homes, strengthening infrastructure, and building an economy that truly works for everyone."
The federal government's approach aligns with recent initiatives aimed at addressing the housing shortage. In April 2024, Canada announced plans to lease underutilized public land to developers to build nearly 3.9 million homes by 2031.
Additionally, the Canada Mortgage and Housing Corporation (CMHC) has projected a need for 3.5 million new homes to meet affordability targets.
Despite these efforts, challenges remain. High interest rates have led to a decline in new construction, and affordability issues persist, particularly in major cities like Toronto and Vancouver. Economists suggest that it may take a decade to restore housing affordability, with significant decreases in both home prices and mortgage interest rates needed.
As the government moves forward with its housing strategy, the emphasis remains on increasing supply to stabilize the market, rather than implementing measures to directly reduce home prices.
